“(…) house prices are rising rapidly, and over an increasingly wide area. House price inflation is notably high in London, with levels now 32 percent above those before the crisis, reflecting strong foreign demand for premium properties, and demographic pressures (…). Price rises are becoming geographically more widespread, even though transaction volumes are still below historic averages overall,” says the latest IMF report on the United Kingdom.

Also, see a special analysis here (Housing and Business Cycles: Is the UK Different From Other Advanced Economies)